Data Management: A Vital Step for any Business

Today, I am thrilled to launch into the world of blogging. As in the Data field, it’s vital to seize opportunities and move forward decisively.

In this blog, we’ll explore key topics related to Data and its applications, from data management to pricing, forecasting, analysis, and consumer studies. As a consultant focused on data-driven and consumer-centric approaches, I strongly believe that smart and effective data management is crucial for making right decisions and meeting customer expectations.

What’s on the menu for the coming weeks? Four articles focused on Data.The first will be about Data Management, followed by Data Governance, Data Analysis, and finally Data Storytelling.

Why start with Data Management?

Because it’s the foundation—and it’s also how I first discovered the world of Data. This discovery happened somewhat by chance in the mid-1990s. The McDonald’s French management team along with its franchisees, wanted more accurate analyses and forecasts of marketing campaigns to improve decision-making. This is how, as a financial analyst, I took a plunge into the world of Data. But back then, it wasn’t even called “Data,” and much like Molière’s character Monsieur Jourdain unknowingly spoke prose, we were working with Data without realizing it.

In the 1990s, collecting data felt like going on a treasure hunt—it was quite a manual process. I remember receiving data via Minitel (a precursor to the internet in France) or even by fax when systems crashed.

Minitel: French technology allowed users to access online services such as directories, banking, and data sharing.

At that time, there were no truly powerful analysis tools, and data was often scattered and hard to access. Today, the situation is entirely different. Data is everywhere, and with growing digitization, structuring, analyzing, and strategically utilizing this information has become essential for businesses of all sizes, including small chains and independents.

Data Management is no longer optional. It's a necessity to analyze your business, understand your customers, anticipate new trends, and stay ahead of both direct and indirect competitors. In essence, it’s a must-have for Maximizing Operational Efficiency and Customer Satisfaction.

What is Data Management ?

Data Management can be defined as the set of processes for collecting, storing, ensuring the quality, securing, regulating, and utilizing data.

If in the past the challenge was access to data, today, with the explosion of big data, the question has shifted to data relevance. Simply gathering everything isn’t enough—you also need to extract what truly matters. That’s why I advocate for adding a crucial step to the process: identifying useful and relevant data, an intelligent filtering approach that prevents businesses from drowning in excess information.

Data Management: The art of selecting relevant data

What can Data Management bring you?

As mentioned earlier, Data Management allows businesses to maximize both operational efficiency and customer satisfaction.

While this might sound like the quest for the Holy Grail, there are very tangible benefits to its implementation, especially in retail and restaurant chains, as well as in other sectors. Here are three key advantages:

-       Better inventory management and forecasting:This was precisely what happened at McDonald’s France in the mid-1990s. Improved sales data by product helped optimize inventory management, reduce waste, and adjust delivery schedules. The result? An immediate improvement in gross margin.

-       Optimized staffing needs:Knowing customer traffic patterns by day, hour, season, and marketing activity allows businesses to adapt staffing levels. Both understaffing and overstaffing are costly, but proper management improves operational results.

-       Enhanced customer experience:Internal and external data enable better understanding of customer expectations, developing suitable pricing strategies, adapting marketing offers, tailoring local strategies, and ultimately improving long-term profitability.

How to implement Data Management?

Setting up a Data Management process can be summarized in four key steps:

1. Data collection:

   
   

   Data comes from both internal sources (POS systems, order systems, loyalty programs, customer feedback, etc.) and external sources (consumer panels, social media, ad hoc studies, etc.). Whenever possible, data collection should be automated and continuous for real-time business insights.

2. Organizing and structuring data:

   
   

   Once collected, data must be organized and stored in databases or data warehouses. It’s crucial to establish a “single source of truth” to centralize all data. This simplifies access, eliminates redundancies and silos, and allows teams to focus on data analysis rather than debating whose data is correct. (We’ll dive deeper into this topic in the article on Data Governance.)

3. Data cleaning and quality control:

   
   

   As the saying goes, “Garbage in, garbage out.” Quality is paramount—erroneous data leads to flawed analyses. It’s essential to continuously eliminate duplicates, errors, and missing values for reliable insights.

4. Data utilization:

   
   

   The final step, and the goal of Data Management, is to analyze data and extract actionable insights. We’ll explore this more deeply in the articles on Data Analysis and Data Storytelling.

For businesses concerned about complexity or cost, fear not! The process can be simplified. Here are three quick tips:

1. Focus on data that directly impacts operations or customer satisfaction.

2. Prioritize quality over quantity—better a small set of high-quality data than an abundance of low-quality data.

3. Use simple and affordable tools. Excel, CRM software, or budget-friendly external solutions can work well. The key is to have a well-structured, scalable system, even if it’s basic to start with.

Convinced that Data Management is essential for your business?

Remember, collecting data is only the beginning—you must structure, clean, and analyze it to deliver operational insights and make strategic, informed decisions.

Even small businesses can benefit without building a complex system. With the right tools and a simplified approach, the potential is within reach for everyone.

Stay tuned for upcoming articles where we’ll explore Data Governance, Data Analysis, and Data Storytelling. This journey is just beginning—don’t miss it!

Need help making the most of your data?Contact us to discuss your specific needs and discover how data can transform your business.

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